What Is Going On With Monero (XMR) And Crypto Exchanges? - Monero News. Tuesday, September 25
What is going on with Monero (XMR) and some exchanges?
There has been a lot of speculation surrounding a peculiar situation with the cryptocurrency.
Privacy-focused cryptocurrency Monero has suddenly been disabled for withdrawals and deposits from several cryptocurrency exchanges yesterday, triggering the alarms of supporters and other XMR enthusiasts. Wallets for this digital assets are reportedly offline in at least five exchanges – Cryptopia, XMR.to, Bitfinex, Bittrex and Poloniex.
Traders at these crypto-exchanges are confused as to why they have decided to halt all operations regarding Monero, and when reaching them for answers, they only said it was due to a request from the coin developer, and are waiting for further information.
This prompted several users to reach Monero developers for an official statement – however the answer they got was not the one they expected. It turns out that devs are unaware of the shutdown of the wallets on these exchanges, at least due to any possible bug or issue, noting that other major crypto exchanges such as Binance, Bithumb and Kraken are doing fine. They also commented that the release of Monero’s new software (0.13) is what they have their attention focused into, so they can’t be wasting time dealing with this issue.
So what could be the reason behind the disabling of Monero wallets across the aforementioned exchanges?
The lack of an official statement dispelling the doubts has prompted the community to speculate with the most plausible reasons. One of them is that these exchanges are getting ready for Monero’s upcoming hard fork. The problem is, this fork will take place on October 18th, and so halting operations a month ahead of time doesn’t look that plausible.
Another theory points at an issue with other CryptoNote coins. This is the technology behind various privacy-focused cryptocurrencies, such as Monero, Bytecoin, AEON. Apparently, Cryptopia displays the same maintenance message for several of these CN-based coins, so the alleged bug could be also affecting all of these related crypto assets, hence the maintenance mode for all of them.
As the community waits for a satisfying answer, it is good to remember to never leave funds in exchanges wallets, in order to avoid being unable to access them.
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